I'm sure a mortgage broker will pick up this string so I'll give my $0.02. Most lenders in our area want credit scores to be above 620 and the loan limits are in the low $300,000s. I know there is legislation on the table to increase scores and down payments considerably so be now is a great time to get your ducks in a row. Good luck.
Remember, not all lenders are created alike. Our company goes down to 620 on FHA loans without having to get a second signature or investor approval. We can go down to 580 case-by-case or even do a manual underwrite, but it take some extra time and the rate won't be as good. On our VA or USDA RDL we look for 620 but we can do a manual without any traditional credit or scores. Hope this helps.
I attended a meeting today with a home mortgage manager of a reputable bank. He claims he can do a FHA loan with a 500-579 FICA score with 10% down. 580-599 with 5% down, and 600 and above with 3.5% down. The APR will be higher the lower your credit score of course and this is through a special program he works with.